Kazuo Ueda has passed his first big test as governor of the Bank of Japan. With last week’s cleverly designed tweak to yield curve control — as the BoJ’s cap on 10-year bond yields, in place since 2016, is known — he appears to have pulled off the delicate task of changing that policy without causing financial markets to fear an imminent rise in interest rates. Ueda’s careful, patient stance is sound: Japan needs to entrench a habit of raising wages before the interest rate cycle turns downwards in the rest of the world. Rather than the BoJ, it is Japan’s government that has more to do on economic policy.The central bank’s immediate challenge last week was to raise the cap on 10-year bond yields from 0.5 per cent without signalling a normalisation of policy. It did this by keeping the 0.5 per cent figure in place but said it will now regard this as a “reference”; it raised the hard cap on yields to 1 per cent. The tactical success of this manoeuvre is clear from the limited market reaction, with 10-year yields rising modestly to around 0.6 per cent, while the yen is little changed. Ueda should feel well satisfied.
植田和男(Kazuo Ueda)通过了他作为日本央行(Bank of Japan)行长的首个重大考验。随着上周他对收益率曲线控制——日本央行自2016年以来对10年期国债收益率设定上限的政策——的巧妙调整，植田似乎已经完成了一项微妙的任务：既改变了这项政策，又没有导致金融市场担心利率即将上升。植田这一谨慎、耐心的态度是正确的：日本需要在世界其他地区的利率周期转向下行之前，巩固加薪的习惯。在manbetx20客户端下载 政策上有更多事情要做的是日本政府，而不是日本央行。